Category Archives: News

Overhaul at Adelaide and Richmond: Plans for a New Park, Affordable Housing, and a New Fire Hall

Overhaul at Adelaide and Richmond: Plans for a New Park, Affordable Housing, and a New Fire Hall

     A new plan by the city of Toronto has detailed the plans to transform the area of Adelaide and Richmond. Previously, 229 Richmond St was a private owned parking lot that was recently acquired by the City of Toronto. In the meanwhile, the city of Toronto has been using the space as an outdoor patio for public use. Nearby, is the 50-year-old Toronto Fire Station 332. With the announced plan, 229 Richmond will be transformed into a brand new 2,245 square-feet park, the Fire Station will be relocated, and the original space will be sold to a developer for an approximate 196 affordable housing units and 456 units at market rate. Additionally, underneath the park will be used for a three-level underground parking space.

 

     The developer for the new housing units have yet to be announced, but more affordable housing options in downtown Toronto is always great news. Additional market units are great for those who want to live in the area in the upcoming years as well. The new park will be a good landmark for the area where many people who live near the area have been asking for more green space to get away and relax from the bustling city of Toronto. This will be the largest new park in the King-Spadina community in 20 years making it a great space for those nearby. This development plan is a great change for Toronto, getting rid of the outdated surface parking space and maximizing the space in this already crowded city.

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66.9 Million Community Centre in Scarborough in Partnership with YMCA

66.9 Million Community Centre in Scarborough in Partnership with YMCA

      This past week, the province of Ontario announced the construction of the Bridletowne Neighbourhood Centre of Community The announcement included the projected funding of $26.7 million from the Government of Canada, $22.3 million from the province, $14.8 million from the YMCA of Greater Toronto and $3 million from United Way Greater Toronto for a total of over $66 million. On top of that, the City of Toronto will add $9.8 million for purchase of land, and capital funding for a childcare centre. This construction project will create an 82,440 square-foot building with around 68,652 square-feet for activities including a pool, fitness center, childcare area, community spaces,  and a wide-variety of programming spaces. The rest of the space will provide assistance to local community members in various ways.

     This investment into the neighbourhood is fantastic news for property owners in the area. The goal of this project is to bridge the gaps between the community by offering more readily available resources to everyone. These quality-of-life injections into neighbourhoods always creates more desirability to live in them. This large property is also expected to become a landmark for the area. This entire process also helps create more jobs from construction to the many workers that will be required to operate this facility. This investment will create more enticing properties for families as this becomes a fantastic area to raise children. Having a nearby community center with available resources from the day care to the many facilities is very handy. With many properties in the area, all of them are sure to gain value from this investment with this news catching the attention of many from neighbouring areas.  

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Toronto is right behind New York as a financial Centre

Toronto is right behind New York as a financial Centre

     In these past few years, Toronto has been become one of the top financial giants throughout the entire world. In a report done by the conference board of Canada to measure financial growth mainly within Toronto. To put it simply, the finance and insurance sector has been the largest contributor to GDP growth in Toronto between 2011 to 2020. Another key finding was employment growth, outpacing all other sectors between 2011 to 2020. As a finance center, Toronto has recently placed 8th as one of the top financial centers across the world falling behind the likes of London, New York, and Paris. In terms of North America, Toronto has placed second in its economic footprint falling only behind New York. Toronto has been beating Canada in terms of its average employment growth rate in the periods between 2010-2020. It’s not surprising when many large organizations have been open an office and many other businesses in downtown Toronto compared to other cities in Canada.

     At this current growth rate, Toronto will continue to be one of the most desirable places to live in Canada. Unfortunately, this will very likely mean that prices for homes will not be decreasing any time soon, but properties will continue being built all around. It is likely that many old buildings will be torn down for new estates in these upcoming years. A healthy financial sector means high employment rates where more companies want to become a part of it, further increasing the number of jobs which results in all the surrounding areas becoming more valuable to live in. People will continue to flock and move in around the GTA. Properties near these employment hotspots will likely increase in value as people try to find convenient locations to minimize their daily commute. Even in further areas that are conveniently near transit hotspots like GO stations will see increased values as well. With all this considered, Toronto is likely to continue this rate of growth and greatly increase the values of many properties within the nearby areas.

Interested in Condos in Toronto? Check out CondoTrend for the latest preconstructions.

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Photo by Maarten van den Heuvel

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Infrastructure Improvements for Bike Lanes Across Toronto

Infrastructure Improvements for Bike Lanes Across Toronto

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     A recent report to the cities infrastructure committee has recommended an improvement to the cycling network with protect bike lanes across Toronto. These routes will include the following,

  • the Esplanade/Mill St
  • Chesswood Dr
  • Martin Grove Rd
  • Rathburn Rd
  • Winona Dr
  • Woodfield Rd. 

     The biggest change will be seen in Esplanade St with a massive overhaul to the area. The changes will include converting much of the space to a more friendly pedestrian and cyclist area. The goal would be to give priority to the pedestrians and cyclists.  Bike lanes are quite costly in cities from the construction, to having reduction in space for cars and public transit. However, that’s not to say that they don’t have their benefits of reducing pollution, cutting back car usage, less damage to the roads and a more social and active city.

     These proposed streets are all located near condos either already built and looking to sell as well as preconstruction units. For those looking to make a purchase, these infrastructure changes can help with your decision. Drivers may want to consider an area with more available space to avoid potential traffic congestion in these areas. While people who bike as their form of commuting will consider this a large boon, having the safety and peace of mind of proper biking infrastructure. Biking and physical outdoor activity becomes much easier with these changes which may entice some to drop the car and choose the handlebars.

     The city is continually on looking into adding more bike lanes but have many factors to consider before they can do so. These changes may take a while to implement but it does show that the city of Toronto is moving in this direction.

Interested in Condos in Toronto? Check out CondoTrend for the latest preconstructions.

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Image By Toronto Infrastructure Committee

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Continue Watching This Tech Office Trend, Netflix Chooses Toronto for its new Office Location

Continue Watching This Tech Office Trend, Netflix Chooses Toronto for its new Office Location

     Following the news of many other tech giants, Netflix is planning on opening its first Canadian office in downtown Toronto. The goal of this office will help Netflix connect with local Canadian artists, brands and communities in one of the best settings across Canada. Currently, there is no announced location for this office or announcements of what roles they will be hiring other than an executive for content and an expected 10-15 employees. Mayor John Tory stated that Netflix spends $200 million a year in terms of their film and show shootings in Toronto. The hope is that this office will become their second-biggest office right after their main head office.

     This mass office opening trend in downtown Toronto does not seem to be slowing down. We’ve already touched on TikTok, Twitter, Pinterest and Cloudflare some of the companies opening offices or extending their hires. This trend is perfect for those in this field looking for employment, whether you are a fresh graduate or well experienced in the field. They offer many positions that fit different skills. For those already living in a property in the area, it is likely that the value will continue to rise as living close by is extremely desirable. Toronto will continue to grow its employment opportunities over these years and will become a more and more attractive place for people to seek residence in. The prices for these places will not decrease in the coming future. Those who have purchased pre construction units around the downtown core can expect a great return on their investment, selling to those who manage to get these well-respected roles in these giant companies.  

Interested in Condo’s in Toronto? Visit CondoTrend for the latest pre-constructions.

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Cloudflare & Wayfair Adding to Toronto Office Trend

Cloudflare & Wayfair Adding to Toronto Office Trend

     We’ve previously seen announcements for multiple big tech companies planting new offices and ramping up employment opportunities in downtown Toronto. This week two more giants join the trend with Cloudflare and Wayfair opening offices in Toronto. Wayfair is a well-known online furniture and home goods store directed towards consumers. Their main offices are located in Boston and Berlin; this Canadian office being their first in the country. Wayfair is set to hire 1,000 technologists for their offices this year. Cloudflare is one of the most well-known web infrastructure and web security companies on the planet. Many websites across the web rely on Cloudflare’s security to protect them from online threats that prevent them from operating. This Toronto office will be their sixteenth office, the first in Canada and will be in charge of operations revolving around growing Cloudflare’s brand awareness, support services and acquiring clients.

 

     These recent office openings are great for the employment sector of Toronto. Toronto is home to many talented workers and its shown with all the commitment that these companies are putting into the city. As employment opportunities rises, the demand for nearby homes will be as well. Toronto is home to many condos; both currently standing and ones that are in pre-construction. With this big tech employment trend continuing, it wouldn’t be surprising if the value of properties near these locations went up in price. Properties near booming employment hubs are always crazy valuable. No one want’s to commute from way up north if they had the chance to walk or take public transit for a very short distance to get to work. We’re likely to see more big tech companies situating offices in Toronto with this trend making it a great time to start checking out properties in this area.

Interested in some condo’s in Toronto? Check out CondoTrend for the latest pre-constructions now!

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$10.5 Million Project Investment in a Theatre Complex in Downtown Toronto

$10.5 Million Project Investment in a Theatre Complex in Downtown Toronto

     With the advent of COVID-19 the past year, many entertainment options have been struggling due to provincial bylaws. With the constant lockdowns, many of those in the entertainment industry have had to close down and cease operations. Its difficult not to see negative new in this current situation; however, a glimmer of hope can be seen. Young People’s Theatre has announced that it’ll expand into a second building on 161 Frederick St. Young People’s Theatre is a historic part of Toronto with its current 123-year-old building situated at 165 Front St E with them occupying it for the last 44 years. This expansion will see a three-storey building with 12,000 sq feet for a new performing arts venue. This is all part of their Room for Imagination project to create Canada’s largest state-of-the- art theatre complex for young people. These buildings are expected to be the cornerstone of Front and Frederick Street. This $10.5 Million project will help improve both locations for expansion and renovations. Donations for this project have been fronted by BMO Financial Group, TD Bank and plenty of other donors from both private and public sources. This new space will provide community programs, a drama school, rental spaces, and a street-level café. Not the mention three studios, a mainstage rehearsal hall, an expanded wardrobe workshop and administrative offices.

     This type of expansion makes downtown Toronto look even more appealing than it already was. Investments to improve the community are always invaluable as it helps raise its status and desirability. Condo and homeowners in the area will appreciate having improved entertainment options once this lockdown is over.  With new pre-constructions around the area, it’ll create an interesting contrast between new and historic buildings. This seems to be the direction Toronto is trending in; mixing in hints of gentrification in these historic communities.

Interested in a Condo in Toronto? Visit CondoTrend today to check out new condos in the area.

 

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Photo by Young People's Theatre

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New 7000 Seat Arena Improving Entertainment options in Toronto

New 7000 Seat Arena Improving Entertainment options in Toronto

     Downtown Toronto is already home to some of the entertainment highlights of the city with places like the Scotiabank arena and the Rogers Center. This last month the architect studio Populous and Overactive Media Group has announced a new multi-purpose arena that will be located in the Canadian National Exhibit Grounds in Princes Boulevard Toronto. Populous is a world-renowned developer having designed stadiums for the Yankee’s, London Olympics, and multiple Superbowl arenas such as the Statefarm Stadium back in 2006.  Overactive Media is a global esports and entertainment organization owning and partnering with many esports leagues around the world with multiple genres.  This stadium is expected to be finished sometime in 2025 and will seat at least 7000 people at max capacity. This facility is expected to host over 200 events a year from conventions, corporate events, award shows, concerts, and the new trend of esports events. The project is current unnamed but is expected to create a new standard for unrivaled levels of entertainment.

     This stadium would be the first venue built since the BMO field in 2007. This would be huge for the entertainment industry in Toronto as a hot new and modern arena will surely bring many performers and events of the like to the city. This would create many jobs and opportunities to those who live in the area as they would need to find many people to fill many positions of all levels. Positioned near Lakeshore Blvd and near the old Ontario Place lands, this arena could help fill the void for entertainment that the old park brought. Living in the surrounding area could bring massive upside to property value and this would be the next hotspot area to live in. Following trends of properties near the other major venues like the Scotiabank and the Rogers Center; these properties always highly valued due to their desirability.

Interested in a development near this location? Check out CondoTrend for the newest pre-constructions now?

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Reddit joining the Downtown Toronto Office Trend

Reddit joining the Downtown Toronto Office Trend

     This week, popular social news and discussion website announced that they would be opening their first office in Canada in Toronto, Ontario. Reddit has an active userbase of 52 million daily users with Canada being the third largest in number of users. The exact location of the office has yet to be disclosed. The positions for hire will range in plenty of areas including engineering, community engagement positions and sales and marketing. More details regarding the hiring’s will be announced in the coming weeks. The company has stated keen interest in working with Canadian brands to better establish themselves in the market. This office opening shows their dedication to a long-time investment into Canada and engage with their Canadian users.

 

     With this news, Reddit joins in on the big tech company recruitment in downtown Toronto matching those of Twitter, Tik Tok and Pinterest that also recently announced their own hiring’s. Toronto has been an employment hotspot that is continually growing with more big tech choosing it as their headquarters. Reddit plans on working with many Canadian brand’s and marketers ensuring many potential job opportunities there as well. This is a great sign for condo and homeowners in the downtown Toronto area. Employment opportunities is always something that is one the top of the list for desirable home location traits. The more alluring its location, the higher the value will be on the property.  Toronto is already one of the top real estate markets in Canada and is not showing any major signs of slowing down. This trend will likely continue with many more companies expanding into Toronto

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ActiveTO makes its return, is it time to Reconsider Lakeshore Properties?

ActiveTO makes its return, is it time to Reconsider Lakeshore Properties?

     With the stay at home orders placed last year many citizens of Toronto had troubles finding ways of keeping active and enjoying nature. To combat this, last year the city of Toronto launched the ActiveTO program, that would shut down major roads like Lakeshore West and Yonge St from Dundas St to Queens Quay, during the weekends for people to bike, jog or any type of mobile physical activity of that nature. This year would see a return of the program but without the beloved Lakeshore West resulting in a very crowded Martin Goodman trail, the areas most popular trail. The reason given was due to roadwork in nearby streets that would result in major traffic congestion. The Lakeshore closure would attract nearly 18,000 cyclists each weekend with a very large spike in Toronto Bikeshare Use, . With its occlusion, many citizens have demanded for its return. In a recent meeting, a motion was approved to find ways for partial or full closures during select weekends. It may not be like the 25 weeks from May to October like the previous year but still shows glimmers of hope for cyclists of lakeshore.

With the many condos surrounding Lakeshore, current or potential owners may rejoice or be furious with this news. Cyclists loved this closure having local roads all to themselves, feeling safe from collisions from motor vehicles. On the other hand, this move can be very irritating for motorists. Major traffic congestion can occur during some periods and it must be frustrating too see road closures with no one using the road during rainy days. If you’re looking into a property in this area, this might help in your decision of sealing the deal. Are you a motorist that works during weekends? It may seem small but over time you’ll feel your quality of life impacted compared to a property in a different area without these closures. If you love cycling, there’s great enjoyment to be had biking on a road originally meant for cars; and all the space it has compared to your average park trail. As ActiveTO originally started as a measure against COVID-19, continuing this year shows signs that this may become a permeant edition to Toronto.

Interested in a condo in this area? Check out CondoTrend for new developments today!

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Photo by @Penalosa_G On Twitter

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